Reso 16403 - Laserfiche WebLink

Browse Search

ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT B REV: 05-04-26 LF Page 14 of 86 a. Subject to expiration of any applicable cure period, Borrower shall not be in default of any of its obligations under the terms of this Agreement. b. Execution and delivery of the Note, the Deed of Trust, the Regulatory Agreement, a Notice of Affordability Restrictions on a form provided by the City. c. Delivery of a binding commitment by a title insurance company acceptable to the City to issue a lender’s policy of title insurance with any endorsements the City may reasonably require, insuring the City in the principal amount of the Loan, of the validity and priority of the Deed of Trust upon the Property, subject only to liens and matters of record approved by the City in writing, and showing fee simple title to the Property in the name of the Borrower. d. Borrower shall have provided the City with a copy of the resolution of the Borrower approving and authorizing execution of this Agreement and all documents contemplated hereby on behalf of Borrower and with such other documentation required by the City regarding Borrower’s creation, status and authority to enter into this transaction. e. Borrower shall have provided and City shall have approved insurance certificates demonstrating compliance with the Insurance Requirements as set forth herein. f. Borrower shall have provided City with a certificate showing it to be in good standing under the laws of the State of California. g. [For Expiring Covenant Loans, delete] Borrower shall have delivered to City evidence that Borrower has obtained all approvals and commitments for the Additional Borrower Financing necessary and sufficient to acquire the Property and complete the Rehabilitation Work. h. [For Expiring Covenant Loans, delete] Deposit of all funds and properly executed documents into the escrow account established for this transaction as necessary to effect the conveyance of the Property from the current owner of the Property to Borrower. i. If this Loan is required to be subordinated to one or more Senior Loans, City shall have approved (i) the terms of the Senior Loan or Loans and (ii) the form of any subordination agreements by and between City and the lender making the approved Senior Loan. j. [For Expiring Covenant Loans, or if Rehabilitation is minor in nature and does not require building permits, delete] Borrower shall have obtained all City and other governmental permits required for the applicable portions of the Rehabilitation Work, and the City shall be ready to issue building permits for such portions of the Rehabilitation Work upon the payment of the applicable fees by Borrower. k. [For Expiring Covenant Loans, or if Rehabilitation is minor in nature and does not require general contractor, delete] Borrower shall have secured and delivered to City one or more construction contract(s) for the Rehabilitation Work in a form reasonably acceptable to the City, provided, however that if the City shall not have delivered notice to Borrower of any objections to the applicable construction contract within 5 business days after receipt, then the applicable construction contract shall be deemed approved.